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But for a paltry $7 million?
STOCKHOLM (Radsoft) -- Global Gaming Factory X are purchasing The Pirate Bay for SEK 60 million ($7,742,852.68 at today's rates). They will pay half in cash.
Global Gaming Factory X AB has the biggest network of internet cafés and gaming centers in the world and provides advertisers, software publishers and service providers with an unprecedented access to the large group of tourists and the large gamer community that visit these centers.
Global Gaming Factory X AB's wholly owned subsidiaries Smartlaunch and CyberCafePro are the leading publishers of café management software used by thousands of cafés globally.
'We want to introduce new business models that can compensate content providers and copyright holders for content downloaded from the site', says GGF CEO Hans Pandeya.
'The Pirate Bay is amongst the 100 most trafficked on the Internet. But to survive The Pirate Bay need a new business model that meets demands and needs from all parties - content providers, broadband providers, file sharers, and the legal system.'
'Content creators and providers must be able to control their property and get paid for it. File sharers need to be able to download faster and at a higher quality.'
GGF will acquire all TPB domain registrations and pay at least SEK 30 million in cash as well as another SEK 30 million in new GGF stock emissions. The stock acquired will represent at the most 3% of the total GGF stock after the transaction. If 3% of the stock does not match SEK 30 million the majority stockholders of GGF will compensate with further cash outlays.
Global Gaming Factory have also acquired Peerialism, a staff-owned software research corporation with roots in the Swedish Royal Institute of Technology and the Swedish Institute of Computer Science. GGF are paying SEK 100 million for the acquisition - SEK 40 million more than for The Pirate Bay.
Peerialism have recently released their video distribution system PeerTV.
'Peerialism have developed a new file sharing technology that can be implemented at the world's most famous file sharing site The Pirate Bay', says Peerialism CEO Johan Ljungberg.
'Because the technology is compatible with existing solutions it will quickly create significant advantages for all interested parties including file sharers and content providers. The new technology will also lead to new business models.'
GGF's acquisitions depend on obtaining financing and the approval of the GGF board of directors who must agree the new assets can be used in a legal and goal-oriented fashion. GGF plan on using new stock emissions to finance the acquisitions.
The plan is to 'seal the deal' by August 2009.
'Through the acquisition of The Pirate Bay and Peerialism GGF will gain a strategic position in the international market for digital distribution. File sharing traffic represents over half of the total Internet traffic of today. The Pirate Bay is a global brand and holds a key position with over 20 million users and over one billion page views per month', says Hans Pandeya.
The press conference was scheduled for 30 June 2009 11:00 AM EDT at Spårvägshallarna Birger Jarlsgatan 57A Stockholm.
The Pirate Bay website
GGF Press Release (English)
GGF Press Release (Swedish)
Global Gaming Factory website